Jidong Development Group Co Ltd, the parent company of Shenzhen-listed Tangshan Jidong Cement Co Ltd has announced plans to issue CNY270m (US$42.3m) worth of 366-day unsecured bills on the interbank market on 1 December.

The coupon rate will be determined in the process of book-building. Both value date and payment due date is Dec. 5, and the to-be-issued bills tradable on Dec. 6.

Proceeds from the issue will be used to repay bank loans and replenish working capital, said the issuer. China Lianhe Credit Rating Co Ltd has rated the issuer and bills AA+ and A-1, respectively. Shenzhen Development Bank Co Ltd has been assigned as the lead underwriter and bookrunner. This will be the issuer’s second short-term bill this year, sources reported.